More than 120,000 SMEs are active: SMEDA

MUSCAT, SEPT 24

The first half of this year witnessed a total of 127,303 active small and medium enterprises (SMEs) that are still operating and registered in the Entrepreneurship Register, according to the Small and Medium Enterprises Development Authority (SMEDA). Statistics indicate that 18 per cent of the growth was attributed to enterprises obtaining an Entrepreneurship Card for the first time.

The total number of SMEs obtaining an active Entrepreneurship Card reached 26,094, with 111 enterprises affiliated with the Business Development Centre.

The number of national workers affiliated with incubated institutions reached approximately 259, and the number of start-ups built on innovation and technology reached 161. In terms of percentages, the growth rate in the number of those completing the Readiness Programme reached 42.6 per cent, followed by a 37.5-per cent growth in the number of beneficiaries of feasibility study workshops, a 19-per cent growth in the number of training programmes for the crafts sector, and a 97.3-per cent growth in the total number of exhibitions, events and activities for enterprises.

Meanwhile, the growth rate in the number of enterprises benefiting from the Supplier Development Programme reached approximately 2.2 per cent, in addition to a 10.2-per cent growth in the number of direct and indirect business opportunities. The total financing amounts for small and medium enterprises amounted to approximately RO 41,157,653.

The Authority continues its support to empower small and medium enterprises, craftsmen and start-ups, and enhance the role of these institutions in driving sustainable development.

The Authority offers numerous incentives aimed at motivating project owners to encourage them to continue innovating and growing. These incentives are in line with the Sultanate of Oman's strategic vision to empower the small and medium enterprises sector, enhance the capabilities of young people, and enable them to translate their creative ideas into successful projects that contribute to diversifying the national economy and consolidating the position of entrepreneurship as one of the pillars of a promising economic future.